Swissco closing $230m deal

Swissco is set to close the SGD 285m ($230m) purchase of Scott and English Energy after shareholders gave the deal the green light.

Singapore-listed Swissco, which first revealed the purchase of the rig company in April, says the deal should be rubber-stamped on 30 July.

Alex Yeo, Swissco’s chief executive, said: “The successful outcome of the EGM represents a vote of confidence from shareholders on the direction the group is taking to expand our business and create value for them.

He added: “With the successful completion of this transaction, the business of Scott and English Energy will complement that of the group and together we can now capture more opportunities in the offshore oil and gas industry across various geographical regions.”

Analysts have suggested the takeover will help Swissco double its net profit.